Credit reports

[brutal]

It's a constant battle for sure. If I'm not using credit cards, then they won't raise my limits and I get letters reminding me to use their card or they'll shut it off. If I decide to use only credit cards (to either raise cash back, travel hack, or because someone stole $2,200 out of my account in just a few hours earlier this year), then swiping to satisfy every impulse desire I have becomes too easy. Especially if I go from making a lot of money to zero money faster than I prepare for.

I need to watch out for this (not using cards) myself.

I tend to use one card only (Amex) unless they won't take it, then my UA mileage card.

The others go unused and have high enough credit limits, but I should probably ping them all once in a while to keep things active. Some of them I got on promo's and used for zero cost balance transfers or purchases (mostly this) and zero interest over xxx time. Then after I paid them off early, got the limits raised, I stopped using them.

P.S. It does suck that I always have a high Amex revolving credit amount showing on the credit agencies records because of the stupid way their billing cycle works with their reporting cycle. Considering there's "no limit" on Amex*, it's kinda stupid.

* It's really based on your credit worthiness and spending habits. FWIW, I charged $25K for some medical bills on my Amex cause I could. Points cha-ching.

FWIW, I pay for one of the monitoring services on one of the big three and pull my new reports/scores for all three nearly every month or two when I think of it. I get weekly e-mail alerts that all is AOK. I can pull the one I pay for as often as i wish, but the free reports/scores for the other two can only be every 30+ days.

[brutal]

So if a company offers a really good credit deal for instance, transferring debt from one card to another to be interest free for 18 months, I should still leave the old card open?

Yea, just watch the transfer fees...

[KevDen2005]

I need to watch out for this (not using cards) myself.

I tend to use one card only (Amex) unless they won't take it, then my UA mileage card.

The others go unused and have high enough credit limits, but I should probably ping them all once in a while to keep things active. Some of them I got on promo's and used for zero cost balance transfers or purchases (mostly this) and zero interest over xxx time. Then after I paid them off early, got the limits raised, I stopped using them.

P.S. It does suck that I always have a high Amex revolving credit amount showing on the credit agencies records because of the stupid way their billing cycle works with their reporting cycle. Considering there's "no limit" on Amex*, it's kinda stupid.

* It's really based on your credit worthiness and spending habits. FWIW, I charged $25K for some medical bills on my Amex cause I could. Points cha-ching.

That's a few extra home depot gift cards

[Great-Kazoo]

Yea, just watch the transfer fees...

And the interest rates you are hit with IF you don't pay off your balance on time.

[Irving]

And the interest rates you are hit with IF you don't pay off your balance on time.

Especially this because many of them will back date the interest and charge you from the entire transfer amount.

[OtterbatHellcat]

So definitely don't close any, even if they are terrible cards.

I've heard that closing any credit card accounts can hurt ya, but it sucks that it does. The credit system is just as fucked up as the government itself is.

I figure the best thing is to not be a dumb ass buying shit you can't pay for reasonably quickly.

[encorehunter]

I went over my limit on a card a couple months ago. I knew it would be close, but it did go over. I made a full payment about a week later earlier than the due date. It showed on my credit score the next month, and dropped it 40 points. However, the next month it was pulled off and my score went back up 50 points. They have been trying to get me to increase my limit for years, so maybe I will go ahead and do it this coming year.

[KevDen2005]

Yea, just watch the transfer fees...

I did this one time. My wife didn't understand how credit cards worked and had a maxed card and I had nothing on the only card I had. I opened another card for the 18 month interest free. They gave me a great deal. It was only $100 transfer fee and $5 a year maintenance at the time. Plus the interest rate only went to the normal interest rate if we didn't pay off in time, which I did so it didn't matter.

[Madeinhb]

I've closed credit cards this year. They didn't have any effect on my credit score. But I had to. I had too many open which can hurt in the future if I want to take advantage of some deal and they say - you have too much credit. It all sucks.

[KevDen2005]

I've closed credit cards this year. They didn't have any effect on my credit score. But I had to. I had too many open which can hurt in the future if I want to take advantage of some deal and they say - you have too much credit. It all sucks.

That doesn't make sense...but I have heard of that. The fear being that you can then max out the credit cards once you get the next line of credit, is that right?